Current Market Quotes

The writer Umberto Eco belongs to that small class of scholars who are encyclopedic, insightful, and nondull. He is the owner of a large personal library (containing thirty thousand books), and separates visitors into two categories: those who react with “Wow! Signore, professore dottore Eco, what a library you have ! How many of these books have you read?” and the others - a very small minority - who get the point that a private library is not an ego-boosting appendage but a research tool. Read books are far less valuable than unread ones. The library should contain as much of what you don’t know as your financial means, mortgage rates and the currently tight real-estate market allows you to put there. You will accumulate more knowledge and more books as you grow older, and the growing number of unread books on the shelves will look at you menancingly. Indeed, the more you know, the larger the rows of unread books. Let us call this collection of unread books an antilibrary.

Read books are far less valuable than unread ones. The library should contain as much of what you do not know as your financial means, mortgage rates, and the currently tight real-estate market alow you to put there.

The current ruling ontology denies any possibility of a social causation of mental illness. The chemico-biologization of mental illness is of course strictly commensurate with its depoliticization. Considering mental illness an individual chemico-biological problem has enormous benefits for capitalism. First, it reinforces Capital’s drive towards atomistic individualization (you are sick because of your brain chemistry). Second, it provides an enormously lucrative market in which multinational pharmaceutical companies can peddle their pharmaceuticals (we can cure you with our SSRIs). It goes without saying that all mental illnesses are neurologically instantiated, but this says nothing about their causation. If it is true, for instance, that depression is constituted by low serotonin levels, what still needs to be explained is why particular individuals have low levels of serotonin. This requires a social and political explanation; and the task of repoliticizing mental illness is an urgent one if the left wants to challenge capitalist realism.

Market research helps you understand the need of your product in the existing market and the current competition.

If the past, by bringing surprises, did not resemble the past previous to it (what I call the past's past), then why should our future resemble our current past?

Cosmetic surgery is not "cosmetic," and human flesh is not "plastic." Even the names trivialize what it is. It's not like ironing wrinkles in fabric, or tuning up a car, or altering outmoded clothes, the current metaphors. Trivialization and infantilization pervade the surgeons' language when they speak to women: "a nip," a "tummy tuck."...Surgery changes one forever, the mind as well as the body. If we don't start to speak of it as serious, the millennium of the man-made woman will be upon us, and we will have had no choice.

One, he used to be Pack so he knows how dangerous this kind of killing on our territory is, that we can’tand won’tleave town. Two, he hates Clay. Three, he hates Jeremy. Four, he hates all of uswith the exception of our dear Elena, who, conveniently, wasn’t at Stonehaven to be affected by the mess, which I’m sure Daniel knew. Five, he really hates Clay. Sixoh, wait, other handsix, he’s a murderous cannibalizing bastard. Seven, did I mention he chose to strike when Elena wasn’t around? Eight, if he caused enough havoc, Elena might be in the market for a new partner. Nine, he really, really, REALLY hates Clay. Ten, he’s sworn undying revenge against the entire Pack, particularly those two members who happen to be currently living at Stonehaven. I’m out of fingers here, buddy. How many more reasons do you need?

Your current marketing plan, strategy, and research objective are also going to play an important role in defining your sample size.

You can segment your market according to demographics, psychographics, a combination of these two, or something else. In the end, it is all going to depend on your current marketing plan.

There is a simple test to define path dependence of beliefs (economists have a manifestation of it called the endowment effect). Say you own a painting you bought for $20,000, and owing to rosy conditions in the art market, it is now worth $40,000. If you owned no painting, would you still acquire it at the current price? If you would not, then you are said to be married to your position. There is no rational reason to keep a painting you would not buy at its current market rate—only an emotional investment. Many people get married to their ideas all the way to the grave. Beliefs are said to be path dependent if the sequence of ideas is such that the first one dominates.

In current times, we have access to so much data. Having said that, data analysis can uncover so many hidden patterns about customer behavior and how they interact with various products.

Absolute values are the things that are important whether you like them or not. Relative values depend on social contexts and personal preferences and conditions of life. Our current market system pursues relative transient values at the cost of absolute lasting values.

A market research plan should include all the essential information about your current research project. In addition, remember to keep your plan short and include only the most important information there.

There are currently three places to obtain food in Dublin, where the prices vary according to whim: Chester’s, the Fae, and the black market. If you ask me, they’re all black. Of course nobody does ask me because nobody sees me because I lay low all the time and I’ve got a boyfriend who isn’t much for talking. I snort. I just thought of Jericho Barrons as my “boyfriend.” I doubt that cataclysm was ever a boy and he certainly can’t be called friendly. It’s official. I’m losing it.

It takes a huge investment in introspection to learn that the thirty or more hours spent “studying” the news last month neither had any predictive ability during your activities of that month nor did it impact your current knowledge of the world.

You can turn any business into a successful one, but only if you can figure out what customers really need, what current brands are offering to fill that need, and how big the gap between customer needs and the existing product is.

History cannot be explained deterministically and it cannot be predicted because it is chaotic. So many forces are at work and their interactions are so complex that extremely small variations in the strength of the forces and the way they interact produce huge differences in outcomes. Not only that, but history is what is called a ‘level two’ chaotic system. Chaotic systems come in two shapes. Level one chaos is chaos that does not react to predictions about it. The weather, for example, is a level one chaotic system. Though it is influenced by myriad factors, we can build computer models that take more and more of them into consideration, and produce better and better weather forecasts. Level two chaos is chaos that reacts to predictions about it, and therefore can never be predicted accurately. Markets, for example, are a level two chaotic system. What will happen if we develop a computer program that forecasts with 100 per cent accuracy the price of oil tomorrow? The price of oil will immediately react to the forecast, which would consequently fail to materialise. If the current price of oil is $90 a barrel, and the infallible computer program predicts that tomorrow it will be $100, traders will rush to buy oil so that they can profit from the predicted price rise. As a result, the price will shoot up to $100 a barrel today rather than tomorrow. Then what will happen tomorrow? Nobody knows.

You need to position yourself to your referral sources and your current clients as providing exceptional value and experiences in everything you do

A newly defined market will require either new capabilities or a new focus applied to current capabilities.

The current demand for marijuana and pornography is deeply revealing. Here are two commodities that Americans publicly abhor, privately adore, and buy in astonishing amounts.

Mainly, though, the Democratic Party has become the party of reaction. In reaction to a war that is ill conceived, we appear suspicious of all military action. In reaction to those who proclaim the market can cure all ills, we resist efforts to use market principles to tackle pressing problems. In reaction to religious overreach, we equate tolerance with secularism, and forfeit the moral language that would help infuse our policies with a larger meaning. We lose elections and hope for the courts to foil Republican plans. We lost the courts and wait for a White House scandal. And increasingly we feel the need to match the Republican right in stridency and hardball tactics. The accepted wisdom that drives many advocacy groups and Democratic activists these days goes like this: The Republican Party has been able to consistently win elections not by expanding its base but by vilifying Democrats, driving wedges into the electorate, energizing its right wing, and disciplining those who stray from the party line. If the Democrats ever want to get back into power, then they will have to take up the same approach. ...Ultimately, though, I believe any attempt by Democrats to pursue a more sharply partisan and ideological strategy misapprehends the moment we're in. I am convinced that whenever we exaggerate or demonize, oversimplify or overstate our case, we lose. Whenever we dumb down the political debate, we lose. For it's precisely the pursuit of ideological purity, the rigid orthodoxy and the sheer predictability of our current political debate, that keeps us from finding new ways to meet the challenges we face as a country. It's what keeps us locked in "either/or" thinking: the notion that we can have only big government or no government; the assumption that we must either tolerate forty-six million without health insurance or embrace "socialized medicine". It is such doctrinaire thinking and stark partisanship that have turned Americans off of politics.

People who self-select into finance often share character traits: they enjoy working with numbers and predicting the economic implications of everything from current events to playing lacrosse.

…many currently profitable conventional farming methods would become uneconomical if their true costs were incorporated into market pricing. Direct financial subsidies, and failure to include costs of depleting soil fertility and exporting pollutants, continue to encourage practices that degrade the land

If automating everything makes people lazier and lazier, and laziness leads to stupidity, which it does for most people, judging by the current content circulating the social networks everywhere, except North Korea, where they don’t have any internet to speak of - at some point the Japanese robots, for which a market niche is currently being developed, with no concerns on how they should be designed to act in society or outside it - will have no choice, but to take everything over, to preserve us from ourselves…

Disruptive innovations, in contrast, don’t attempt to bring better products to established customers in existing markets. Rather, they disrupt and redefine that trajectory by introducing products and services that are not as good as currently available products. But disruptive technologies offer other benefits—typically, they are simpler, more convenient, and less expensive products that appeal to new or less-demanding customers.3

The realms of dating, marriage, and sex are all marketplaces, and we are the products. Some may bristle at the idea of people as products on a marketplace, but this is an incredibly prevalent dynamic. Consider the labor marketplace, where people are also the product. Just as in the labor marketplace, one party makes an offer to another, and based on the terms of this offer, the other person can choose to accept it or walk. What makes the dating market so interesting is that the products we are marketing, selling, buying, and exchanging are essentially our identities and lives. As with all marketplaces, every item in stock has a value, and that value is determined by its desirability. However, the desirability of a product isn’t a fixed thing—the desirability of umbrellas increases in areas where it is currently raining while the desirability of a specific drug may increase to a specific individual if it can cure an illness their child has, even if its wider desirability on the market has not changed. In the world of dating, the two types of desirability we care about most are: - Aggregate Desirability: What the average demand within an open marketplace would be for a relationship with a particular person. - Individual Desirability: What the desirability of a relationship with an individual is from the perspective of a specific other individual. Imagine you are at a fish market and deciding whether or not to buy a specific fish: - Aggregate desirability = The fish’s market price that day - Individual desirability = What you are willing to pay for the fish Aggregate desirability is something our society enthusiastically emphasizes, with concepts like “leagues.” Whether these are revealed through crude statements like, “that guy's an 8,” or more politically correct comments such as, “I believe she may be out of your league,” there is a tacit acknowledgment by society that every individual has an aggregate value on the public dating market, and that value can be judged at a glance. When what we have to trade on the dating market is often ourselves, that means that on average, we are going to end up in relationships with people with an aggregate value roughly equal to our own (i.e., individuals “within our league”). Statistically speaking, leagues are a real phenomenon that affects dating patterns. Using data from dating websites, the University of Michigan found that when you sort online daters by desirability, they seem to know “their place.” People on online dating sites almost never send a message to someone less desirable than them, and on average they reach out to prospects only 25% more desirable than themselves. The great thing about these markets is how often the average desirability of a person to others is wildly different than their desirability to you. This gives you the opportunity to play arbitrage with traits that other people don’t like, but you either like or don’t mind. For example, while society may prefer women who are not overweight, a specific individual within the marketplace may prefer obese women, or even more interestingly may have no preference. If a guy doesn’t care whether his partner is slim or obese, then he should specifically target obese women, as obesity lowers desirability on the open marketplace, but not from his perspective, giving him access to women who are of higher value to him than those he could secure within an open market.

The true investor scarcely ever is forced to sell his shares, and at all other times he is free to disregard the current price quotation. He need pay attention to it and act upon it only to the extent that it suits his book, and no more.* Thus the investor who permits himself to be stampeded or unduly worried by unjustified market declines in his holdings is perversely transforming his basic advantage into a basic disadvantage. That man would be better off if his stocks had no market quotation at all, for he would then be spared the mental anguish caused him by other persons’ mistakes of judgment.†

Author compares the impact of biases to his experience as an average swimmer who overcame a considerable fear of water. While the swimming was easy in one particular experience, he was internally congratulating himself on his acquired skill. But when he realized he was swimming with a current he would now have to fight against, he realized just how definite his limits were.

When in doubt, assume that people will act according to their current irrational urges, ignoring information that runs counter to their beliefs, trading long-term for short-term benefits and most of all, being influenced by the culture they identify with.

There is a belief, current in many countries, which has been elevated to the rank of an official article of faith in the United States, that free competition is itself a homeostatic process: that in a free market the individual selfishness of the bargainers, each seeking to sell as high and buy as low as possible, will result in the end in a stable dynamics of prices, and with redound to the greatest common good. This is associated with the very comforting view that the individual entrepreneur, in seeking to forward his own interest, is in some manner a public benefactor and has thus earned the great rewards with which society has showered him. Unfortunately, the evidence, such as it is, is against this simpleminded theory. The market is a game, which has indeed received a simulacrum in the family game of Monopoly. It is thus strictly subject to the general theory of games, developed by von Neumann and Morgenstern. This theory is based on the assumption that each player, at every stage, in view of the information then available to him, plays in accordance with a completely intelligent policy, which will in the end assure him of the greatest possible expectation of reward.

When you buy a device from market, you get a booklet with it. Entire western science is a booklet for a device called “human”. They assume that we are human. The East has experienced that “human” is just a device we are currently using. We are much more than a human.

My grandmother Rose was a tough woman, so tough she'd built the family home with her own hands while my grandpa worked as a tailor in the market. She'd even built the furnace and molded the bricks herself, which is not an easy job, and even today, not the job of a woman.

Steve Scott, a friend of mine, consistently makes $30–60K in passive income each month from his books, so there’s definitely a way to make a living off of only book revenue if that’s your goal. Self-published authors are currently making more than the big 5 published authors combined!

If there’s one place, then, where we can intervene in a way that will pay dividends for society down the road, it’s in the classroom. Yet that’s barely happening. All the big debates in education are about format. About delivery. About didactics. Education is consistently presented as a means of adaptation – as a lubricant to help you glide more effortlessly through life. On the education conference circuit, an endless parade of trend watchers prophesy about the future and essential twenty-first-century skills, the buzzwords being “creative,” “adaptable,” and “flexible.” The focus, invariably, is on competencies, not values. On didactics, not ideals. On “problem-solving ability,” but not which problems need solving. Invariably, it all revolves around the question: Which knowledge and skills do today’s students need to get hired in tomorrow’s job market – the market of 2030? Which is precisely the wrong question. In 2030, there will likely be a high demand for savvy accountants untroubled by a conscience. If current trends hold, countries like Luxembourg, the Netherlands, and Switzerland will become even bigger tax havens, enabling multinationals to dodge taxes even more effectively, leaving developing countries with an even shorter end of the stick. If the aim of education is to roll with these kinds of trends rather than upend them, then egotism is set to be the quintessential twenty-first-century skill. Not

There, in the unconscious, we sleep upon the psyche's oceanic floor, together like some vast bed of kelp, each wavering strand an individual American, swaying in the currents of national suggestion. In the form of a giant Portuguese man-of-war, our government hovers, rippling above us, showering freshly produced national memory spores on the fertile bed of our forgetfulness. Schools of undulating corporate jellyfish pass over, sowing the brands of products and services ... followed by the octopi called media and marketing, issuing milky clouds of sperm to fertilise the seeds with the animating plasma of The Great Dream.

Left to their own devices, human bodies rot, decompose, come apart, and sink gloriously back into the earth from whence they came. Using embalming and heavy protective caskets to stop this process is a desperate attempt to stave off the inevitable, and demonstrates our clear terror of decomposition. The death industry markets caskets and embalming under the rubric of helping bodies look “natural,” but our current death customs are as natural as training majestic creatures like bears and elephants to dance in cute little outfits, or erecting replicas of the Eiffel Tower and Venetian canals in the middle of the harsh American desert.

Government as we now know it in the USA and other economically advanced countries is so manifestly horrifying, so corrupt, counterproductive, and outright vicious, that one might well wonder how it continues to enjoy so much popular legitimacy and to be perceived so widely as not only tolerable but indispensable. The answer, in overwhelming part, may be reduced to a two-part formula: bribes and bamboozlement (classically "bread and circuses"). Under the former rubric falls the vast array of government "benefits" and goodies of all sorts, from corporate subsidies and privileges to professional grants and contracts to welfare payments and health care for low-income people and other members of the lumpenproletariat. Under the latter rubric fall such measures as the government schools, the government's lapdog news media, and the government's collaboration with the producers of professional sporting events and Hollywood films. Seen as a semi-integrated whole, these measures give current governments a strong hold on the public's allegiance and instill in the masses and the elites alike a deep fear of anything that seriously threatens the status quo.

A civil servant can make rules that are friendly to an industry such as banking—and then go off to J.P. Morgan and recoup a multiple of the difference between his or her current salary and the market rate. (Regulators, you may recall, have an incentive to make rules as complex as possible so their expertise can later be hired at a higher price.)

This other man he could never see in his entirety but he seemed an artisan and a worker in metal. The judge enshadowed him where he crouched at his trade but he was a coldforger who worked with hammer and die, perhaps under some indictment and an exile from men's fires, hammering out like his own conjectural destiny all through the night of his becoming some coinage for a dawn that would not be. It is this false moneyer with his gravers and burins who seeks favor with the judge and he is at contriving from cold slag brute in the crucible a face that will pass, an image that will render this residual specie current in the markets where men barter. Of this is the judge judge and the night does not end.

Two of the things to look out for are that operational cash flows should match or be close to profit levels, and current assets should exceed current liabilities.

Identify and follow the trends in your industry. Don’t fight against the current of change. Instead, recognize these as an opportunity and seize the advantage.

16th century advertisements cannot market 21st century products. Look for what is necessary at the present moment.

as neoliberalism has entered its current crisis, the urge to reinvent feminist radicalism may be reviving. In an Act Three that is still unfolding, we could see a reinvigorated feminism join other emancipatory forces aiming to subject runaway markets to democratic control. In that case, the movement would retrieve its insurrectionary spirit, while deepening its signature insights: its structural critique of capitalism’s androcentrism, its systemic analysis of male domination, and its gender-sensitive revisions of democracy and justice.

Set aside some money you can afford to lose before you begin trading. The money you set aside for trading should be about six to twelve months of your current salary or your current earnings.

One [project of Teddy Cruz's] is titled Living Rooms at the Border. it takes a piece of land with an unused church zoned for three units and carefully arrays on it twelve affordable housing units, a community center (the converted church), offices for Casa in the church's attic, and a garden that can accommodate street markets and kiosks. 'In a place where current regulation allows only one use,' [Cruz} crows, ' we propose five different uses that support each other. This suggests a model of social sustainability for San Diego, one that conveys density not as bulk but as social choreography.' For both architect and patron, it's an exciting opportunity to prove that breaking the zoning codes can be for the best. Another one of Cruz's core beliefs is that if architects are going to achieve anything of social distinction, they will have to become developers' collaborators or developers themselves, rather than hirelings brought in after a project's parameters are laid out.

There are pervasive and powerful marketing forces at work seeking to obscure the idea that such a choice exists. We are relentlessly bombarded with messages telling us that we absolutely need the latest trinket and that we simply must have the most fashionable of currently trending trash. We’re told that if you don’t have the money, no problem. That’s what credit cards and payday loans are for.

You do me too much honor,” she said, smile widening. “And if you were coming to see about that debt,” she went on, eyes bright, “you should know that it has recently been paid.” Kell’s chest tightened. “What? When?” “Indeed,” continued Calla. “Only a few minutes ago.” Kell didn’t even say good-bye. He lunged out of the tent and into the churning market, scanning the currents of people streaming past.

Since we do not know what the job market will look like in 2030 or 2040, already today we have no idea what to teach our kids. Most of what they currently learn at school will probably be irrelevant by the time they are forty.

In 15 years of working with teenage drug abusers, I’ve never found a single one who was what I’d call only a chemical addict. As powerful as many of the current market drugs are, especially cocaine and crack, I’ve never yet worked with an addict who didn’t have the inner emptiness. I’ve been in my personal recovery for 30 years and I’ve never met a person in recovery from chemical abuse who didn’t have abandonment issues in the sense I have defined them.

People can and often do ignore or deny their common humanity with others, or deny, at least implicitly, that their common humanity commits them to sympathy or compassion for those less advantaged than themselves. Indeed, such an attitude towards one's fellows can be represented as tough, uncompromising, positively heroic: the supermen versus the wimps. But just as this ruthless world may be chosen - as it is chosen by the current rulers of the globalised neo-liberal market - so it may also be rejected.

In 2016, Rachael Tatman, a research fellow in linguistics at the University of Washington, found that Google’s speech-recognition software was 70% more likely to accurately recognise male speech than female speech – and it’s currently the best on the market.

Nothing brings home the fragility of the banking system or the potency of a financial crisis more vividly than writing about these issues from the eye of the storm. Watching the world’s central bankers and finance officials grappling with the current situation—trying one thing after another to restore confidence, throwing everything they can at the problem, coping daily with unexpected and startling shifts in market sentiment—reinforces the lesson that there is no magic bullet or simple formula for dealing with financial panics.

More laying hens are slaughtered in the United States than cattle or pigs. Commercial laying hens are not bred for their flesh, but when their economic utility is over the still-young birds are trucked to the slaughterhouse and turned into meat products. In the process they are treated even more brutally than meat-type chickens because of their low market value. Their bones are very fragile from lack of exercise and from calcium depletion for heavy egg production, causing fragments to stick to the flesh during processing. The starvation practice known as forced molting results in beaded ribs that break easily at the slaughterhouse. Removal of food for several days before the hens are loaded onto the truck weakens their bones even more. Currently, the U.S. egg industry and the American Veterinary Medical Association oppose humane slaughter legislation for laying hens on the basis that their low economic value does not justify the cost of 'humane slaughter' technology. The industry created the inhumane conditions that are invoked to rationalize further unaccountability and cruelty.

When developing the Core Idea, we must take into consideration a variety of factors, including target insights, industry trends, current activities in the market and particularly among competitors, and the true nature of the brand’s value. Figure 4.4 illustrates these inputs.

In his delirium he ransacked the linens of his pallet for arms but there were none. The judge smiled. The fool was no longer there but another man and this other man he could never see in his entirety but he seemed an artisan and a worker in metal. The judge enshadowed him where he crouched at his trade but he was a coldforger who worked with hammer and die, perhaps under some indictment and an exile from men’s fires, hammering out like his own conjectural destiny all through the night of his becoming some coinage for a dawn that would not be. It is this false moneyer with his gravers and burins who seeks favor with the judge and he is at contriving from cold slag brute in the crucible a face that will pass, an image that will render this residual specie current in the markets where men barter. Of this is the judge judge and the night does not end.

What is a price? It is a proposed point of agreement between a buyer and seller. The proposal is the key. It is not a marching order. Past prices represent deals done in history. Current prices represent possible deals in the future. Prices embed vast information about perceived realities: resource availability, consumer demand, cultural biases and habits, speculations about the future. The price is also an amazing tool. It provides an objective basis for accounting and the assessment of profit and loss. Without prices, real prices rooted in real market experience, we’d been lost.

Sir Humphrey Appleby: The Foreign Office is pro-Europe because it’s really anti-Europe. The civil service was united in its desire to make sure that the Common Market didn’t work. That’s why we went into it. Britain has had the same foreign policy objective for at least 500 years: to create a disunited Europe. In that cause we have fought with the Dutch against the Spanish, with the Germans against the French, French and Italians against the Germans, and the French against the Germans and Italians. Divide and rule, you see. Why should we change now, when it’s worked so well? Jim Hacker: It’s all ancient history, surely. Sir Humphrey Appleby: Yes, and current policy. We had to break the whole thing up, so we had to get inside. We tried to break it up from the outside, but that wouldn’t work. Now that we are inside, we can make a big pig’s breakfast of the whole thing! Set the Germans against the French, French against Italians, Italians against Dutch —The Foreign Office is terribly pleased! It’s just like old times! Jim Hacker: Surely we are committed to the European ideal! Sir Humphrey Appleby: Really, Minister! Jim Hacker: If not, why are we pressing for an increase in membership? Sir Humphrey Appleby: For the same reason. It's just like the United Nations, in fact. The more members it has, the more arguments it can stir up, the more futile and impotent it becomes. Jim Hacker: What appalling cynicism! Sir Humphrey Appleby: Yes. We call it diplomacy, Minister.

The true investor scarcely ever is forced to sell his shares, and at all other times he is free to disregard the current price quotation. He need pay attention to it and act upon it only to the extent that it suits his book, and no more.* Thus the investor who permits himself to be stampeded or unduly worried by unjustified market declines in his holdings is perversely transforming his basic advantage into a basic disadvantage. That man would be better off if his stocks had no market quotation at all, for he would then be spared the mental anguish caused him by other persons’ mistakes of judgment.

It may seem paradoxical to you that preventing the destruction of the environment by market society’s preference for exchange value over experiential value should require us to convert every last remaining experiential value into exchange value, but this type of thinking and proposal is currently all the rage.

This anchoring to a number is the reason people do not react to their total accumulated wealth, but to differences of wealth from whatever number they are currently anchored to. This is the major conflict with economic theory, as according to economists, someone with $1 million in the bank would be more satisfied than if he had half a million. But

Christians agree that when we sell and market, we need to show potential customers that a product “adds value” to their lives. That doesn’t mean it can give them a life. But because Christians have a deeper understanding of human well-being, we will often find ourselves swimming against the very strong currents of the corporate idols of our culture.

The Rothschilds are people we certainly would not attempt to defend given the rumors swirling around them of financial corruption and market manipulation in this era and in earlier eras. However, the way they are held up, by conspiracy extremists and other paranoid thinkers, to represent the Jewish community is an absolute joke. There are good and bad people in all races. The fact that there are many Jews in the banking sector is being used by neo-Nazis and anti-Semites to try to sway the uneducated to believe the Jews are the problem instead of banking shysters and banksters in general. Another important point relating to the current Jewish prominence in the banking world is there is a very obvious historical reason for it...Historically Jews did not have much freedom of choice when it came to their occupations. In fact, they were once forbidden by Christian authorities, and by some Muslim authorities, to pursue most regular occupations. They were, however, permitted and even encouraged to enter the banking industry because, in the medieval era at least, Christians/Muslims were not allowed to charge fellow-Christians/Muslims interest, but someone had to make loans – so the Jews were charged with the task. Jews were also permitted to slaughter animals – another equally unsavory job – and they were then despised and mocked by entire communities for being animal slaughterers and bankers.

America currently has the worst of both worlds, where government interference, instead of controlling costs, creates opportunities for rent-seeking that inflate costs. It is not possible for an unregulated market to provide a socially acceptable degree of coverage; as Kenneth Arrow noted long ago, “The laissez-faire solution for medicine is intolerable.

When people have different ideas about which of these four modes of interacting applies to a current relationship, the result can range from blank incomprehension to acute discomfort or outright hostility. Think abut a dinner guest offering to pay the host for her meal, a person barking an order to a friend, or an employee helping himself to a shrimp off the boss' plate. Misunderstandings in which one person thinks of a transaction in terms of Equality Matching and another thinks in terms of Market Pricing are even more pervasive and can be even more dangerous. They tap into very different psychologies, one of them intuitive and universal, the other rarefied and learned, and clashes between them have been common in economic history.

In a broad sense, this book, from its first edition in 2000, has been about trying to understand the change in thinking of the people whose actions ultimately drive the markets. It is about the psychology of speculation, about the feedback mechanism that intensifies this psychology, about herd behavior that can spread through millions or even billions of people, and about the implications of such behavior for the economy and for our lives. Although the book originally focused directly on current economic events, it was, and is, about how errors of human judgment can infect even the smartest people, thanks to overconfidence, lack of attention to details, and excessive trust in the judgments of others, stemming from a failure to understand that others are not making independent judgments but are themselves following still others—the blind leading the blind.

Adam Smith, with his half-baked idea about a hidden hand that works the cotton looms, decides to use that as his central metaphor for unrestrained Free Market capitalism. You don’t need to regulate the banks or the financiers when there’s an invisible five-fingered regulator who’s a bit like God to make sure that the money-looms don’t snare or tangle. That’s the monetarist mystic idol-shit, the voodoo economics Ronald Regan put his faith in, and that middle-class dunce Margaret Thatcher when they cheerily deregulated most of the financial institutions. And that’s why the Boroughs exists, Adam Smith’s idea. That’s why the last fuck knows how many generations of this family are a toilet queue without a pot to piss in, and that’s why everyone we know is broke. It’s all there in the current underneath that bridge down Tanner Street. That was the first one, the first dark, satanic mill.

If the market were a disciplined calculator of value based exclusively on company fundamentals, the price of a security wouldn’t fluctuate much more than the issuer’s current earnings and the outlook for earnings in the future. In fact, the price generally should fluctuate less than earnings, since quarter-to-quarter changes in earnings often even out in the long run and, besides, don’t necessarily reflect actual changes in the company’s long-term potential.

We believe that a fundamental measure of our success will be the shareholder value we create over the long term. This value will be a direct result of our ability to extend and solidify our current market leadership position. The stronger our market leadership, the more powerful our economic model. Market leadership can translate directly to higher revenue, higher profitability, greater capital velocity, and correspondingly stronger returns on invested capital. Our decisions have consistently reflected this focus. We first measure ourselves in terms of the metrics most indicative of our market leadership: customer and revenue growth, the degree to which our customers continue to purchase from us on a repeat basis, and the strength of our brand. We have invested and will continue to invest aggressively to expand and leverage our customer base, brand, and infrastructure as we move to establish an enduring franchise.

Elsewhere, statisticians were using similar approaches—called kernel methods—to analyze patterns in data sets. Back on Long Island, Henry Laufer was working on similar machine-learning tactics in his own research and was set to share it with Simons and others. Carmona wasn’t aware of this work. He was simply proposing using sophisticated algorithms to give Ax and Straus the framework to identify patterns in current prices that seemed similar to those in the past.

If the invention of derivatives was the financial world's modernist dawn, the current crisis is unsettlingly like the birth of postmodernism. For anyone who studied literature in college in the past few decades, there is a weird familiarity about the current crisis: value, in the realm of finance capital, parallels the elusive nature of meaning in deconstrucitonism. According to Jacques Derrida, the doyen of the school, meaning can never be precisely located; instead, it is always 'deferred,' moved elsewhere, located in other meanings, which refer and defer to other meanings—a snake permanently and necessarily eating its own tail. This process is fluid and constant, but at moments the perpetual process of deferral stalls and collapses in on itself. Derrida called this moment an 'aporia,' from a Greek term meaning 'impasse.' There is something both amusing and appalling about seeing his theories acted out in the world markets to such cataclysmic effect.

…she made a poem on it at once, the lines singing themselves through her consciousness without effort. With one side of her nature she liked writing prose best– with the other she liked writing poetry. This side was uppermost tonight and her very thoughts ran into rhyme. A great, pulsating star hung low in the sky over Indian Head. Emily gazed on it and recalled Teddy’s old fancy of his previous existence on a star. The idea seized on her imagination and she spun a dream life, lived on some happy planet circling around that mighty, far-off sun. Then came the northern lights–drifts of pale fire over the sky– spears of light, as of empyrean armies– pale, elusive hosts retreating and advancing. Emily lay and watched them in rapture. Her soul was washed pure in that great bath of splendour…Such moments come rarely into any life, but when they do come they are inexpressibly wonderful– as if the finite were for a second infinity– as if humanity were for a space uplifted into divinity– as if all ugliness had vanished, leaving only flawless beauty. Oh–beauty–Emily shivered with the pure ecstasy of it. She loved it– it filled her being tonight as never before. She was afraid to move or breathe lest she break the current of beauty that was flowing through her…”Oh, God, make me worthy of it– oh, make me worthy of it,” she prayed. Could she ever be worthy of such a message– could she dare try to carry some of the loveliness of that “dialogue divine” back to the everyday world of sordid market-place and clamorous street? She must give it– she could not keep it to herself. Would the world listen– understand– feel?…

WHAT DOES IT ALL MEAN? The lessons of market history are clear. Styles and fashions in investors’ evaluations of securities can and often do play a critical role in the pricing of securities. The stock market at times conforms well to the castle-in-the-air theory. For this reason, the game of investing can be extremely dangerous. Another lesson that cries out for attention is that investors should be very wary of purchasing today’s hot “new issue.” Most initial public offerings underperform the stock market as a whole. And if you buy the new issue after it begins trading, usually at a higher price, you are even more certain to lose. Investors would be well advised to treat new issues with a healthy dose of skepticism. Certainly investors in the past have built many castles in the air with IPOs. Remember that the major sellers of the stock of IPOs are the managers of the companies themselves. They try to time their sales to coincide with a peak in the prosperity of their companies or with the height of investor enthusiasm for some current fad. In such cases, the urge to get on the bandwagon—even in high-growth industries—produced a profitless prosperity for investors.

But the most profound irony is currently on display at the very site of Ford’s most ambitious attempt to realize his pastoralist vision. In the Tapajós valley, three prominent elements of Ford’s vision—lumber, which he hoped to profit from while at the same time finding ways to conserve nature; roads, which he believed would knit small towns together and create sustainable markets; and soybeans, in which he invested millions, hoping that the industrial crop would revive rural life—have become the primary agents of the Amazon’s ruin, not just of its flora and fauna but of many of its communities.

Every culture has its own creation myth, its own cosmology. And in some respects every cosmology is true, even if I might flatter myself in assuming mine is somehow truer because it is scientific. But it seems to me that no culture, including scientific culture, has cornered the market on definitive answers when it comes to the ultimate questions. Science may couch its models in the language of mathematics and observational astronomy, while other cultures use poetry and sacrificial propitiations to defend theirs. But in the end, no one knows, at least not yet. The current flux in the state of scientific cosmology attests to this, as we watch physicists and astronomers argue over string theory and multiverses and the cosmic inflation hypothesis. Many of the postulates of modern cosmology lie beyond, or at least at the outer fringes, of what can be verified through observation. As a result, aesthetics—as reflected by the “elegance” of the mathematical models—has become as important as observation in assessing the validity of a cosmological theory. There is the assumption, sometimes explicit and sometimes not, that the universe is rationally constructed, that it has an inherent quality of beauty, and that any mathematical model that does not exemplify an underlying, unifying simplicity is to be considered dubious if not invalid on such criteria alone. This is really nothing more than an article of faith; and it is one of the few instances where science is faith-based, at least in its insistence that the universe can be understood, that it “makes sense.” It is not entirely a faith-based position, in that we can invoke the history of science to support the proposition that, so far, science has been able to make sense, in a limited way, of much of what it has scrutinized. (The psychedelic experience may prove to be an exception.)

Since we do not know how the job market would look in 2030 or 2040, already today we have no idea what to teach our kids. Most of what they currently learn at school will probably be irrelevant by the time they are forty. Traditionally, life has been divided into two main parts: a period of learning followed by a period of working. Very soon this traditional model will become utterly obsolete, and the only way for humans to stay in the game will be to keep learning throughout their lives, and to reinvent themselves repeatedly. Many if not most humans may be unable to do so. The coming technological bonanza will probably make it feasible to feed and support these useless masses even without any effort from their side. But what will keep them occupied and content? People must do something, or they go crazy. What will they do all day? One answer might be drugs and computer games. Unnecessary people might spend increasing amounts of time within 3D virtual-reality worlds that would provide them with far more excitement and emotional engagement than the drab reality outside. Yet such a development would deal a mortal blow to the liberal belief in the sacredness of human life and of human experiences. What’s so sacred about useless bums who pass their days devouring artificial experiences in La La Land?

Every year or so I like to take a step back and look at a few key advertising, marketing, and media facts just to gauge how far removed from reality we advertising experts have gotten. These data represent the latest numbers I could find. I have listed the sources below. So here we go -- 10 facts, direct from the real world: E-commerce in 2014 accounted for 6.5 percent of total retail sales. 96% of video viewing is currently done on a television. 4% is done on a web device. In Europe and the US, people would not care if 92% of brands disappeared. The rate of engagement among a brand's fans with a Facebook post is 7 in 10,000. For Twitter it is 3 in 10,000. Fewer than one standard banner ad in a thousand is clicked on. Over half the display ads paid for by marketers are unviewable. Less than 1% of retail buying is done on a mobile device. Only 44% of traffic on the web is human. One bot-net can generate 1 billion fraudulent digital ad impressions a day. Half of all U.S online advertising - $10 billion a year - may be lost to fraud. As regular readers know, one of our favorite sayings around The Ad Contrarian Social Club is a quote from Noble Prize winning physicist Richard Feynman, who wonderfully declared that “Science is the belief in the ignorance of experts.” I think these facts do a pretty good job of vindicating Feynman.

Many aspects of how the Chinese political class manages its economy are antithetical to the Western values of democracy and free markets. But this stance has not put off foreign investors, who are attracted to the government’s willingness to prioritize physical infrastructure, political security, and stability over the health of the population, transparency in decision making, and transparency in the rule of law (if not necessarily the system of governance). In essence, the pursuit of economic growth overrides any views on the political system they invest in. Currently China’s political class has a strategy to evolve from an investment-led exporting economy to one more in line with Western economies, relying on domestic consumption. The transition to this new economic equilibrium will not be linear. China will likely experience significant economic volatility and market gyrations as the structure of its economy shifts. There is also mounting skepticism about China’s ability to manage its debt levels, and the country’s lack of individual political freedoms will continue to hamper its growth prospects. But Chinese policymakers will, no doubt, be focused on continuing to show economic progress in advance of two target dates: 2021—one hundred years after the formation of the Communist Party—and 2049, one hundred years after the formation of the People’s Republic of China.

...I drag the kids to the farmers' market and fill out the week's cheap supermarket haul with a few vivid bunches of organic produce...Once home, I set out fresh flowers and put the fruit in a jadeite bowl. A jam jar of garden growth even adorns the chartreuse kids' table...I found some used toddler-sized chairs to go around it...It sits right in front of the tall bookcases...When the kids are eating or coloring there, with the cluster or mismatched picture frames hanging just to their left, my son with his mop of sandy hair, my daughter just growing out of babyhood...they look like they could be in a Scandinavian design magazine. I think to myself that maybe motherhood is just this, creating these frames, the little vistas you can take in that look like pictures from magazines, like any number of images that could be filed under familial happiness. They reflect back to you that you're doing it - doing something - right. In my case, these scenes are like a momentary vacation from the actual circumstances of my current life. Children, clean and clad in brightly striped clothing, snacking on slices of organic plum. My son drawing happy gel pen houses, the flourishing clump of smiley-faced flowers beneath a yellow flat sun. To counter the creeping worry that I am a no-good person, I must collect a lot of these images, postage-stamp moments I can gaze upon and think, I can't be fucking up that bad. Can I?

depression in its major stages possesses no quickly available remedy: failure of alleviation is one of the most distressing factors of the disorder as it reveals itself to the victim, and one that helps situate it squarely in the category of grave diseases. Except in those maladies strictly designated as malignant or degenerative, we expect some kind of treatment and eventual amelioration, by pills or physical therapy or diet or surgery, with a logical progression from the initial relief of symptoms to final cure. Frighteningly, the layman-sufferer from major depression, taking a peek into some of the many books currently on the market, will find much in the way of theory and symptomatology and very little that legitimately suggests the possibility of quick rescue. Those that do claim an easy way out are glib and most likely fraudulent. There are decent popular works which intelligently point the way toward treatment and cure, demonstrating how certain therapies—psychotherapy or pharmacology, or a combination of these—can indeed restore people to health in all but the most persistent and devastating cases; but the wisest books among them underscore the hard truth that serious depressions do not disappear overnight. All of this emphasizes an essential though difficult reality which I think needs stating at the outset of my own chronicle: the disease of depression remains a great mystery. It has yielded its secrets

After analyzing our current crisis and studying well-established historical precedents, I must conclude that the global bankers have only three possible cards left to play. The first is admitting culpability and working to restore the American economic engine to its free-market potential. History has taught us that the ruling class rarely admits error and never concedes power. The second is to foment so much civil unrest and fear that the general population will be clamoring for a global dictator who will provide them food, shelter, and security in exchange for their individual freedom and sovereignty. I see the emerging militancy of the labor union movement playing right into this scenario. The final play is global conflict where they can try and control the outcome by means of funding both sides.

Instead of focusing on getting more resources, tipping point leaders concentrate on multiplying the value of the resources they have. When it comes to scarce resources, there are three factors of disproportionate influence that executives can leverage to dramatically free resources, on the one hand, and multiply the value of resources, on the other. These are hot spots, cold spots, and horse trading. Hot spots are activities that have low resource input but high potential performance gains. In contrast, cold spots are activities that have high resource input but low performance impact. In every organization, hot spots and cold spots typically abound. Horse trading involves trading your unit’s excess resources in one area for another unit’s excess resources to fill remaining resource gaps. By learning to use their current resources right, companies often find they can tip the resource hurdle outright. What

The case for bitcoin as a cash item on a balance sheet is very compelling for anyone with a time horizon extending beyond four years. Whether or not fiat authorities like it, bitcoin is now in free-market competition with many other assets for the world’s cash balances. It is a competition bitcoin will win or lose in the market, not by the edicts of economists, politicians, or bureaucrats. If it continues to capture a growing share of the world’s cash balances, it continues to succeed. As it stands, bitcoin’s role as cash has a very large total addressable market. The world has around $90 trillion of broad fiat money supply, $90 trillion of sovereign bonds, $40 trillion of corporate bonds, and $10 trillion of gold. Bitcoin could replace all of these assets on balance sheets, which would be a total addressable market cap of $230 trillion. At the time of writing, bitcoin’s market capitalization is around $700 billion, or around 0.3% of its total addressable market. Bitcoin could also take a share of the market capitalization of other semihard assets which people have resorted to using as a form of saving for the future. These include stocks, which are valued at around $90 trillion; global real estate, valued at $280 trillion; and the art market, valued at several trillion dollars. Investors will continue to demand stocks, houses, and works of art, but the current valuations of these assets are likely highly inflated by the need of their holders to use them as stores of value on top of their value as capital or consumer goods. In other words, the flight from inflationary fiat has distorted the U.S. dollar valuations of these assets beyond any sane level. As more and more investors in search of a store of value discover bitcoin’s superior intertemporal salability, it will continue to acquire an increasing share of global cash balances.

The New Machine. Imagine you are sitting at your desk at work and the boss comes to you and gives you this proposal. “We just bought a new machine for the company and we need to train someone to operate this new machine. You would have to go to night school three days a week for nine months to learn how to operate this machine. We wouldn’t pay you for going to night school, but when you graduated from night school, you would be our machine operator and you would get a $1,500 per month raise. What do you think?” Most people would reply, “Yes! I could spend three nights a week for nine months in training so that I could get a $1,500 a month raise.” And isn’t that what your network marketing opportunity offers? If you really dedicated yourself, three nights a week for nine months, you should have enough distributors and customers to easily earn $1,500 extra per month. Now, your current job doesn’t offer the opportunity to work three nights a week and get a huge raise, but our network marketing opportunity does.

Broadly speaking, there are two divergent strains of American secular thought. One can be traced to the radical humanism of Tom Paine, who saw the separation of church and state not only as the guarantor of personal freedom of conscience but also as the foundation of a world in which inherited status and wealth would be replaced by merit and intellect as the dominant forces in the lives of individuals. Recognition of a common humanity, not tooth-and-claw competition, would create social progress. The other distinct current of American secularism begins with the social Darwinists of the nineteenth century and continues through the “objectivism” and exaltation of the Übermensch preached by the twentieth-century atheist and unregulated market idolator Ayn Rand. These diverging currents can also be found within the “new atheist” movement today, in which people often make a point of labeling themselves as either secular humanists, who are usually liberals, or skeptics, who are generally libertarian conservatives.

One other thing. And this really matters for readers of this book. According to official Myers–Briggs documents, the test can ‘give you an insight into what kinds of work you might enjoy and be successful doing’. So if you are, like me, classified as ‘INTJ’ (your dominant traits are being introverted, intuitive and having a preference for thinking and judging), the best-fit occupations include management consultant, IT professional and engineer.30 Would a change to one of these careers make me more fulfilled? Unlikely, according to respected US psychologist David Pittenger, because there is ‘no evidence to show a positive relation between MBTI type and success within an occupation…nor is there any data to suggest that specific types are more satisfied within specific occupations than are other types’. Then why is the MBTI so popular? Its success, he argues, is primarily due to ‘the beguiling nature of the horoscope-like summaries of personality and steady marketing’.31 Personality tests have their uses, even if they do not reveal any scientific ‘truth’ about us. If we are in a state of confusion they can be a great emotional comfort, offering a clear diagnosis of why our current job may not be right, and suggesting others that might suit us better. They also raise interesting hypotheses that aid self-reflection: until I took the MBTI, I had certainly never considered that IT could offer me a bright future (by the way, I apparently have the wrong personality type to be a writer). Yet we should be wary about relying on them as a magic pill that enables us suddenly to hit upon a dream career. That is why wise career counsellors treat such tests with caution, using them as only one of many ways of exploring who you are. Human personality does not neatly reduce into sixteen or any other definitive number of categories: we are far more complex creatures than psychometric tests can ever reveal. And as we will shortly learn, there is compelling evidence that we are much more likely to find fulfilling work by conducting career experiments in the real world than by filling out any number of questionnaires.32

Summary of Rule #4 The core idea of this book is simple: To construct work you love, you must first build career capital by mastering rare and valuable skills, and then cash in this capital for the type of traits that define compelling careers. Mission is one of those traits. In the first chapter of this rule, I reinforced the idea that this trait, like all desirable career traits, really does require career capital—you can’t skip straight into a great mission without first building mastery in your field. Drawing from the terminology of Steven Johnson, I argued that the best ideas for missions are found in the adjacent possible—the region just beyond the current cutting edge. To encounter these ideas, therefore, you must first get to that cutting edge, which in turn requires expertise. To try to devise a mission when you’re new to a field and lacking any career capital is a venture bound for failure. Once you identify a general mission, however, you’re still left with the task of launching specific projects that make it succeed. An effective strategy for accomplishing this task is to try small steps that generate concrete feedback—little bets—and then use this feedback, be it good or bad, to help figure out what to try next. This systematic exploration can help you uncover an exceptional way forward that you might have never otherwise noticed. The little-bets strategy, I discovered as my research into mission continued, is not the only way to make a mission a success. It also helps to adopt the mindset of a marketer. This led to the strategy that I dubbed the law of remarkability. This law says that for a project to transform a mission into a success, it should be remarkable in two ways. First, it must literally compel people to remark about it. Second, it must be launched in a venue conducive to such remarking. In sum, mission is one of the most important traits you can acquire with your career capital. But adding this trait to your working life is not simple. Once you have the capital to identify a good mission, you must still work to make it succeed. By using little bets and the law of remarkability, you greatly increase your chances of finding ways to transform your mission from a compelling idea into a compelling career.

People, especially those in charge, rarely invite you into their offices and give freely of their time. Instead, you have to do something unique, compelling, even funny or a bit daring, to earn it. Even if you happen to be an exceptionally well-rounded person who possesses all of the scrappy qualities discussed so far, it’s still important to be prepared, dig deep, do the prep work, and think on your feet. Harry Gordon Selfridge, who founded the London-based department store Selfridges, knew the value of doing his homework. Selfridge, an American from Chicago, traveled to London in 1906 with the hope of building his “dream store.” He did just that in 1909, and more than a century later, his stores continue to serve customers in London, Manchester, and Birmingham. Selfridges’ success and staying power is rooted in the scrappy efforts of Harry Selfridge himself, a creative marketer who exhibited “a revolutionary understanding of publicity and the theatre of retail,” as he is described on the Selfridges’ Web site. His department store was known for creating events to attract special clientele, engaging shoppers in a way other retailers had never done before, catering to the holidays, adapting to cultural trends, and changing with the times and political movements such as the suffragists. Selfridge was noted to have said, “People will sit up and take notice of you if you will sit up and take notice of what makes them sit up and take notice.” How do you get people to take notice? How do you stand out in a positive way in order to make things happen? The curiosity and imagination Selfridge employed to successfully build his retail stores can be just as valuable for you to embrace in your circumstances. Perhaps you have landed a meeting, interview, or a quick coffee date with a key decision maker at a company that has sparked your interest. To maximize the impression you’re going to make, you have to know your audience. That means you must respectfully learn what you can about the person, their industry, or the culture of their organization. In fact, it pays to become familiar not only with the person’s current position but also their background, philosophies, triumphs, failures, and major breakthroughs. With that information in hand, you are less likely to waste the precious time you have and more likely to engage in genuine and meaningful conversation.

The central values of civilization are in danger. Over large stretches of the earth’s surface the essential conditions of human dignity and freedom have already disappeared. In others they are under constant menace from the development of current tendencies of policy. The position of the individual and the voluntary group are progressively undermined by extensions of arbitrary power. Even that most precious possession of Western Man, freedom of thought and expression, is threatened by the spread of creeds which, claiming the privilege of tolerance when in the position of a minority, seek only to establish a position of power in which they can suppress and obliterate all views but their own. The group holds that these developments have been fostered by the growth of a view of history which denies all absolute moral standards and by the growth of theories which question the desirability of the rule of law. It holds further that they have been fostered by a decline of belief in private property and the competitive market; for without the diffused power and initiative associated with these institutions it is difficult to imagine a society in which freedom may be effectively preserved.

By the time that paper appeared, the SARS epidemic of 2003 had been stopped, with the final toll at 8,098 people infected, of whom 774 died. The last case was detected and isolated in Taiwan on June 15. Hong Kong had been declared “SARS-free.” Singapore and Canada had been declared “SARS-free.” The whole world was supposedly “SARS-free.” What those declarations meant, more precisely, was that no SARS infections were currently raging in humans. But the virus hadn’t been eradicated. This was a zoonosis, and no disease scientist could doubt that its causal agent still lurked within one or more reservoir hosts—the palm civet, the raccoon dog, or whatever—in Guangdong and maybe elsewhere too. People celebrated the end of the outbreak, but those best informed celebrated most guardedly. SARS-CoV wasn’t gone, it was only hiding. It could return. In late December, it did. Like an aftershock to a quake, a new case broke in Guangdong. Soon afterward, three more. One patient was a waitress who had been exposed to a civet. On January 5, 2004, the day the first case was confirmed, Guangdong authorities reversed policy again, ordering the death and disposal of every masked palm civet held at a farm or a market in the province. Wild civets were another question, left unanswered.

In this sense, therefore, inasmuch as we have access to neither the beautiful nor the ugly, and are incapable of judging, we are condemned to indifference. Beyond this indifference, however, another kind of fascination emerges, a fascination which replaces aesthetic pleasure. For, once liberated from their respective constraints, the beautiful and the ugly, in a sense, multiply: they become more beautiful than beautiful, more ugly than ugly. Thus painting currently cultivates, if not ugliness exactly - which remains an aesthetic value - then the uglier-than-ugly (the 'bad', the 'worse', kitsch), an ugliness raised to the second power because it is liberated from any relationship with its opposite. Once freed from the 'true' Mondrian, we are at liberty to 'out-Mondrian Mondrian'; freed from the true naifs, we can paint in a way that is 'more naif than naif', and so on. And once freed from reality, we can produce the 'realer than real' - hyperrealism. It was in fact with hyperrealism and pop art that everything began, that everyday life was raised to the ironic power of photographic realism. Today this escalation has caught up every form of art, every style; and all, without discrimination, have entered the transaesthetic world of simulation. There is a parallel to this escalation in the art market itself. Here too, because an end has been put to any deference to the law of value, to the logic of commodities, everything has become 'more expensive than expensive' - expensive, as it were, squared. Prices are exorbitant - the bidding has gone through the roof. Just as the abandonment of all aesthetic ground rules provokes a kind of brush fire of aesthetic values, so the loss of all reference to the laws of exchange means that the market hurtles into unrestrained speculation. The frenzy, the folly, the sheer excess are the same. The promotional ignition of art is directly linked to the impossibility of all aesthetic evaluation. In the absence of value judgements, value goes up in flames. And it goes up in a sort of ecstasy. There are two art markets today. One is still regulated by a hierarchy of values, even if these are already of a speculative kind. The other resembles nothing so much as floating and uncontrollable capital in the financial market: it is pure speculation, movement for movement's sake, with no apparent purpose other than to defy the law of value. This second art market has much in common with poker or potlatch - it is a kind of space opera in the hyperspace of value. Should we be scandalized? No. There is nothing immoral here. Just as present-day art is beyond beautiful and ugly, the market, for its part, is beyond good and evil.

Arnold's notion of the intellectual as disinterested critic distinguished him from both Marx and Hegel. For Marx, the proper function of the intellectual was to be a partisan on behalf of the proletariat, criticizing bourgeois society for its fundamental, structural oppression. For Hegel, the role of the intellectual was to stand above particular group interests, and to bring to consciousness the ethical basis of modern, capitalist society, in the process creating standards by which to guide politics and culture. Arnold's conception of "aliens" has obvious affinities with this Hegelian image of the intellectual. But "disinterestedness" for Arnold had a rather different meaning. It implied the ability to free oneself from partisanship, to take a distanced enough view to be able to criticize the side of the issue to which one had been committed, as circumstances required. "Living by ideas" he wrote, means that "when one side of a question has long had your earnest support, when all your feelings are engaged, when you hear all around you no language but one, when your party talks this language like a steam-engine and can imagine no other--still to be able to think, still to be irresistibly carried, if so it be, by the current of thought to the opposite side of the question..." The role of the intellectual, then, was to embody and encourage that quality of mind that allowed individuals to get some distance from their social, political, and economic milieu; to reflect critically, and to be carried away by truth. (p. 227)

There is an excellent short book (126 pages) by Faustino Ballvè, Essentials of Economics (Irvington-on-Hudson, N.Y.: Foundation for Economic Education), which briefly summarizes principles and policies. A book that does that at somewhat greater length (327 pages) is Understanding the Dollar Crisis by Percy L. Greaves (Belmont, Mass.: Western Islands, 1973). Bettina Bien Greaves has assembled two volumes of readings on Free Market Economics (Foundation for Economic Education). The reader who aims at a thorough understanding, and feels prepared for it, should next read Human Action by Ludwig von Mises (Chicago: Contemporary Books, 1949, 1966, 907 pages). This book extended the logical unity and precision of economics beyond that of any previous work. A two-volume work written thirteen years after Human Action by a student of Mises is Murray N. Rothbard’s Man, Economy, and State (Mission, Kan.: Sheed, Andrews and McMeel, 1962, 987 pages). This contains much original and penetrating material; its exposition is admirably lucid; and its arrangement makes it in some respects more suitable for textbook use than Mises’ great work. Short books that discuss special economic subjects in a simple way are Planning for Freedom by Ludwig von Mises (South Holland, 111.: Libertarian Press, 1952), and Capitalism and Freedom by Milton Friedman (Chicago: University of Chicago Press, 1962). There is an excellent pamphlet by Murray N. Rothbard, What Has Government Done to Our Money? (Santa Ana, Calif.: Rampart College, 1964, 1974, 62 pages). On the urgent subject of inflation, a book by the present author has recently been published, The Inflation Crisis, and How to Resolve It (New Rochelle, N.Y.: Arlington House, 1978). Among recent works which discuss current ideologies and developments from a point of view similar to that of this volume are the present author’s The Failure of the “New Economics”: An Analysis of the Keynesian Fallacies (Arlington House, 1959); F. A. Hayek, The Road to Serfdom (1945) and the same author’s monumental Constitution of Liberty (Chicago: University of Chicago Press, 1960). Ludwig von Mises’ Socialism: An Economic and Sociological Analysis (London: Jonathan Cape, 1936, 1969) is the most thorough and devastating critique of collectivistic doctrines ever written. The reader should not overlook, of course, Frederic Bastiat’s Economic Sophisms (ca. 1844), and particularly his essay on “What Is Seen and What Is Not Seen.” Those who are interested in working through the economic classics might find it most profitable to do this in the reverse of their historical order. Presented in this order, the chief works to be consulted, with the dates of their first editions, are: Philip Wicksteed, The Common Sense of Political Economy, 1911; John Bates Clark, The Distribution of Wealth, 1899; Eugen von Böhm-Bawerk, The Positive Theory of Capital, 1888; Karl Menger, Principles of Economics, 1871; W. Stanley Jevons, The Theory of Political Economy, 1871; John Stuart Mill, Principles of Political Economy, 1848; David Ricardo, Principles of Political Economy and Taxation, 1817; and Adam Smith, The Wealth of Nations, 1776.

MH: In an early letter to William Kennedy you spoke of the "dry rot" of American journalism. Tell me what you think. What's the state of the American press currently? HST: The press today is like the rest of the country. Maybe you need a war. Wars tend to bring out out the best in them. War was everywhere you looked in the sixties, extending into the seventies. Now there are no wars to fight. You know, it's the old argument about why doesn't the press report the good news? Well, now the press is reporting the good news, and it's not as much fun. The press has been taken in by Clinton. And by the amalgamation of politics. Nobody denies that the parties are more alike than they are different. No, the press has failed, failed utterly -- they've turned into slovenly rotters. Particularly The New York Times, which has come to be a bastion of political correctness. I think my place in history as defined by the PC people would be pretty radically wrong. Maybe I could be set up as a target at the other end of the spectrum. I feel more out of place now than I did under Nixon. Yeah, that's weird. There's something going on here, Mr. Jones, and you don't know what it is, do you? Yeah, Clinton has been a much more successfully deviant president than Nixon was. You can bet if the stock market fell to 4,000 and if four million people lost their jobs there'd be a lot of hell to pay, but so what? He's already re-elected. Democracy as a system has evolved into something that Thomas Jefferson didn't anticipate. Or maybe he did, at the end of his life. He got very bitter about the press. And what is it he said? "I tremble for my nation when I reflect that God is just"? That's a guy who's seen the darker side. Yeah, we've become a nation of swine. - HST - The Atlantic , August 26, 1997

ON THE MODUS OPERANDI OF OUR CURRENT PRESIDENT, DONALD J. TRUMP "According to a new ABC/Washington Post poll, President Trump’s disapproval rating has hit a new high." The President's response to this news was "“I don’t do it for the polls. Honestly — people won’t necessarily agree with this — I do nothing for the polls,” the president told reporters on Wednesday. “I do it to do what’s right. I’m here for an extended period of time. I’m here for a period that’s a very important period of time. And we are straightening out this country.” - Both Quotes Taken From Aol News - August 31, 2018 In The United States, as in other Republics, the two main categories of Presidential motivation for their assigned tasks are #1: Self Interest in seeking to attain and to hold on to political power for their own sakes, regarding the welfare of This Republic to be of secondary importance. #2: Seeking to attain and to hold on to the power of that same office for the selfless sake of this Republic's welfare, irregardless of their personal interest, and in the best of cases going against their personal interests to do what is best for this Republic even if it means making profound and extreme personal sacrifices. Abraham Lincoln understood this last mentioned motivation and gave his life for it. The primary information any political scientist needs to ascertain regarding the diagnosis of a particular President's modus operandi is to first take an insightful and detailed look at the individual's past. The litmus test always being what would he or she be willing to sacrifice for the Nation. In the case of our current President, Donald John Trump, he abandoned a life of liberal luxury linked to self imposed limited responsibilities for an intensely grueling, veritably non stop two year nightmare of criss crossing this immense Country's varied terrain, both literally and socially when he could have easily maintained his life of liberal leisure. While my assertion that his personal choice was, in my view, sacrificially done for the sake of a great power in a state of rapid decline can be contradicted by saying it was motivated by selfish reasons, all evidence points to the contrary. For knowing the human condition, fraught with a plentitude of weaknesses, for a man in the end portion of his lifetime to sacrifice an easy life for a hard working incessant schedule of thankless tasks it is entirely doubtful that this choice was made devoid of a special and even exalted inspiration to do so. And while the right motivations are pivotal to a President's success, what is also obviously needed are generic and specific political, military and ministerial skills which must be naturally endowed by Our Creator upon the particular President elected for the purposes of advancing a Nation's general well being for one and all. If one looks at the latest National statistics since President Trump took office, (such as our rising GNP, the booming market, the dramatically shrinking unemployment rate, and the overall positive emotive strains in regards to our Nation's future, on both the left and the right) one can make definitive objective conclusions pertaining to the exceptionally noble character and efficiency of the current resident at 1600 Pennsylvania Avenue. And if one can drown out the constant communicative assaults on our current Commander In Chief, and especially if one can honestly assess the remarkable lack of substantial mistakes made by the current President, all of these factors point to a leader who is impressively strong, morally and in other imperative ways. And at the most propitious time. For the main reason that so many people in our Republic palpably despise our current President is that his political and especially his social agenda directly threatens their licentious way of life. - John Lars Zwerenz

The notion that property is the means to all other means was ruled out by the new radicals. The deep seated ressentiment towards private property, indeed towards anything private, blocked the conclusion that follows from any impartial examination of wealth-producing and freedom-favouring mechanisms: an effective world improvement would call for the most general possible propertization. Instead, the political metanoeticians enthused over general dispossession, akin to the founders of Christian orders who wanted to own everything communally and nothing individually. The most important insight into the dynamics of economic modernization remained inaccessible to them: money created by lending on property is the universal means of world improvement. They are all the blinder to the fact that for the meantime, only the modern tax state, the anonymous hyper-billionaire, can act as a general world-improver, naturally in alliance with the local meliorists - not only because of its traditional school power, but most of all thanks to its redistributive power, which took on unbelievable proportions in the course of the twentieth century. The current tax state, for its part, can only survive as long as it is based on a property economy whose actors put up no resistance when half of their total product is taken away, year after year, by the very visible hand of the national treasury for the sake of communal tasks. What the un-calm understands least of all is the simple fact that when government expenditures constitute almost 50 per cent of the gross national product, this fulfills the requirements of actually existing liberal-fiscal semi-socialism, regardless of what label is used to describe this situation - whether people call it the New Deal, 'social market economy' or 'neoliberalism'. What the system lacks for total perfection is a homogeneous worldwide tax sphere and the long-overdue propertization of the impoverished world.

a young Goldman Sachs banker named Joseph Park was sitting in his apartment, frustrated at the effort required to get access to entertainment. Why should he trek all the way to Blockbuster to rent a movie? He should just be able to open a website, pick out a movie, and have it delivered to his door. Despite raising around $250 million, Kozmo, the company Park founded, went bankrupt in 2001. His biggest mistake was making a brash promise for one-hour delivery of virtually anything, and investing in building national operations to support growth that never happened. One study of over three thousand startups indicates that roughly three out of every four fail because of premature scaling—making investments that the market isn’t yet ready to support. Had Park proceeded more slowly, he might have noticed that with the current technology available, one-hour delivery was an impractical and low-margin business. There was, however, a tremendous demand for online movie rentals. Netflix was just then getting off the ground, and Kozmo might have been able to compete in the area of mail-order rentals and then online movie streaming. Later, he might have been able to capitalize on technological changes that made it possible for Instacart to build a logistics operation that made one-hour grocery delivery scalable and profitable. Since the market is more defined when settlers enter, they can focus on providing superior quality instead of deliberating about what to offer in the first place. “Wouldn’t you rather be second or third and see how the guy in first did, and then . . . improve it?” Malcolm Gladwell asked in an interview. “When ideas get really complicated, and when the world gets complicated, it’s foolish to think the person who’s first can work it all out,” Gladwell remarked. “Most good things, it takes a long time to figure them out.”* Second, there’s reason to believe that the kinds of people who choose to be late movers may be better suited to succeed. Risk seekers are drawn to being first, and they’re prone to making impulsive decisions. Meanwhile, more risk-averse entrepreneurs watch from the sidelines, waiting for the right opportunity and balancing their risk portfolios before entering. In a study of software startups, strategy researchers Elizabeth Pontikes and William Barnett find that when entrepreneurs rush to follow the crowd into hyped markets, their startups are less likely to survive and grow. When entrepreneurs wait for the market to cool down, they have higher odds of success: “Nonconformists . . . that buck the trend are most likely to stay in the market, receive funding, and ultimately go public.” Third, along with being less recklessly ambitious, settlers can improve upon competitors’ technology to make products better. When you’re the first to market, you have to make all the mistakes yourself. Meanwhile, settlers can watch and learn from your errors. “Moving first is a tactic, not a goal,” Peter Thiel writes in Zero to One; “being the first mover doesn’t do you any good if someone else comes along and unseats you.” Fourth, whereas pioneers tend to get stuck in their early offerings, settlers can observe market changes and shifting consumer tastes and adjust accordingly. In a study of the U.S. automobile industry over nearly a century, pioneers had lower survival rates because they struggled to establish legitimacy, developed routines that didn’t fit the market, and became obsolete as consumer needs clarified. Settlers also have the luxury of waiting for the market to be ready. When Warby Parker launched, e-commerce companies had been thriving for more than a decade, though other companies had tried selling glasses online with little success. “There’s no way it would have worked before,” Neil Blumenthal tells me. “We had to wait for Amazon, Zappos, and Blue Nile to get people comfortable buying products they typically wouldn’t order online.

The blinking message light on the phone screamed at us when we walked into the bedroom of our suite. Marlboro Man audibly exhaled, clearly wishing the world--and his brother and the grain markets and the uncertainties of agriculture--would leave us alone already. I wish they’d leave us alone, too. In light of the recent developments, though, Marlboro Man picked up the phone and dialed Tim to get an update. I excused myself to the bathroom to freshen up and put on a champagne satin negligee in an effort to thwart the external forces that were trying to rob me of my husband’s attention. I brushed my teeth and spritzed myself with Jil Sander perfume before opening the door to the bedroom, where I would seduce my Marlboro Man away from his worries. I knew I could win if only I applied myself. He was just getting off the phone when I entered the room. “Dammit,” I heard him mumble as he plopped down onto the enormous king-size bed. Oh no. Jil Sander had her work cut out for her. I climbed on the bed and lay beside him, resting my head on his arm. He draped his arm across my waist. I draped my leg around his. He sighed. “The markets are totally in the shitter.” I didn’t know the details, but I did know the shitter wasn’t a good place. I wanted to throw out the usual platitudes. Don’t worry about it, try not to think about it, we’ll figure it out, everything will be okay. But I didn’t know enough about it. I knew he and his brother owned a lot of land. I knew they worked hard to pay for it. I knew they weren’t lawyers or physicians by profession and didn’t have a whole separate income to supplement their ranching operation. As full-time ranchers, their livelihoods were completely reliant on so many things outside of their control--weather, market fluctuations, supply, demand, luck. I knew they weren’t home free in terms of finances--Marlboro Man and I had talked about it. But I didn’t understand enough about the ramifications of this current wrinkle to reassure him that everything would be okay, businesswise. And he probably didn’t want me to. So I did the only thing I could think of to do. I assured my new husband everything would be okay between us by leaning over, turning off the lamp, and letting the love between us--which had zero to do with markets or grains--take over.

After my dad started making duck calls, he’d leave town for a few days, driving all over Louisiana, Arkansas, Mississippi, and Texas trying to sell them. He left me in charge of the fishing operation. I was only a teenager, but it was my responsibility to check almost eighty hoop nets three times a week. Looking back now, it was pretty dangerous work for a teenager on the river, especially since I’d never done it alone. If you fell out of the boat and into the river, chances were you might drown if something went wrong and you were alone. But I was determined to prove to my father that I could do it, so I left the house one morning and spent all day on the river. I checked every one of our hoop nets and brought a mound of fish back to Kay to take to market. I was so proud of myself for pulling it off without anyone’s help! When Dad came home a couple of days later, Mom told him about the fish I’d caught and how much money we’d made. I could see the smile on his face. But then he went outside to check his boat and noticed that a paddle was missing. Instead of saying, “Good job, son,” he yelled at me for losing a paddle! I couldn’t believe he was scolding me over a stupid oar! I’d worked from daylight to dusk and earned enough money for my family to buy a dozen paddles! Where was the gratitude? I was so mad that I jumped in the boat and headed to the nets to see if I could find the missing paddle. After checking about seventy nets, I was resigned to the fact that it was probably gone. But when I finally reached the seventy-ninth net, I saw the paddle lying in a few bushes where I’d tied up a headliner, which is a rope leading to the net. It was almost like a religious experience for me. What were the odds of my finding a lost paddle floating in a current on a washed-out river? It was like looking for a needle in a haystack. I took the paddle back to my dad, but he was still mad at me for losing it in the first place. I have never liked the line “up a creek without a paddle” because of the trouble boat paddles caused me. I swore I would never lose another one, but lo and behold, the next year, I broke the same paddle I’d lost while trying to kill a cottonmouth water moccasin that almost bit me. My dad wasn’t very compassionate even after I told him his prized paddle perhaps saved my life. I finally concluded that everyone has quirks, and apparently my dad has some sort of weird love affair with boat paddles.

[A] central theme is why social, political, and economic institutions tend to coevolve in a manner that reinforces rather than undermines one another. The welfare state is not 'politics against markets,' as commonly assumed, but politics with markets. Although it is popular to think that markets, especially global ones, interfere with the welfare state, and vice versa, this notion is simply inconsistent with the postwar record of actual welfare state development. The United States, which has a comparatively small welfare state and flexible labor markets, has performed well in terms of jobs and growth during the past two decades; however, before then the countries with the largest welfare states and the most heavily regulated labor markets exceeded those in the United States on almost any gauge of economic competitiveness and performance. Despite the change in economic fortunes, the relationship between social protection and product market strategies continues to hold. Northern Europe and Japan still dominate high-quality markets for machine tools and consumer durables, whereas the United States dominates software, biotech, and other high-tech industries. There is every reason that firms and governments will try to preserve the institutions that give rise to these comparative advantages, and here the social protection system (broadly construed to include job security and protection through the industrial relations system) plays a key role. The reason is that social insurance shapes the incentives workers and firms have for investing in particular types of skills, and skills are critical for competitive advantage in human-capital-intensive economies. Firms do not develop competitive advantages in spite of systems of social protection, but because of it. Continuing this line of argument, the changing economic fortunes of different welfare production regimes probably has very little to do with growing competitive pressure from the international economy. To the contrary, it will be argued in Chapter 6 that the main problem for Europe is the growing reliance on services that have traditionally been closed to trade. In particular, labor-intensive, low-productivity jobs do not thrive in the context of high social protection and intensive labor-market regulation, and without international trade, countries cannot specialize in high value-added services. Lack of international trade and competition, therefore, not the growth of these, is the cause of current employment problems in high-protection countries.

How exactly the debt should be funded was to be the most inflammatory political issue. During the Revolution, many affluent citizens had invested in bonds, and many war veterans had been paid with IOUs that then plummeted in price under the confederation. In many cases, these upright patriots, either needing cash or convinced they would never be repaid, had sold their securities to speculators for as little as fifteen cents on the dollar. Under the influence of his funding scheme, with government repayment guaranteed, Hamilton expected these bonds to soar from their depressed levels and regain their full face value. This pleasing prospect, however, presented a political quandary. If the bonds appreciated, should speculators pocket the windfall? Or should the money go to the original holders—many of them brave soldiers—who had sold their depressed government paper years earlier? The answer to this perplexing question, Hamilton knew, would define the future character of American capital markets. Doubtless taking a deep breath, he wrote that “after the most mature reflection” about whether to reward original holders and punish current speculators, he had decided against this approach as “ruinous to public credit.”25 The problem was partly that such “discrimination” in favor of former debt holders was unworkable. The government would have to track them down, ascertain their sale prices, then trace all intermediate investors who had held the debt before it was bought by the current owners—an administrative nightmare. Hamilton could have left it at that, ducking the political issue and taking refuge in technical jargon. Instead, he shifted the terms of the debate. He said that the first holders were not simply noble victims, nor were the current buyers simply predatory speculators. The original investors had gotten cash when they wanted it and had shown little faith in the country’s future. Speculators, meanwhile, had hazarded their money and should be rewarded for the risk. In this manner, Hamilton stole the moral high ground from opponents and established the legal and moral basis for securities trading in America: the notion that securities are freely transferable and that buyers assume all rights to profit or loss in transactions. The knowledge that government could not interfere retroactively with a financial transaction was so vital, Hamilton thought, as to outweigh any short-term expediency. To establish the concept of the “security of transfer,” Hamilton was willing, if necessary, to reward mercenary scoundrels and penalize patriotic citizens. With this huge gamble, Hamilton laid the foundations for America’s future financial preeminence.